Price cuts in hot markets?
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Some of the nation’s hot housing markets may experience price declines as the industry returns to more sustainable levels of activity, economists predicted last month at a National Assn. of Home Builders conference in Washington, D.C.
Mark Zandi, chief economist at Moody’s Economy.com, identified these California markets with the potential for more than a 10% decline: Bakersfield, Chico, Fresno, Hanford, Los Angeles, Merced, Modesto, Napa, Oakland, Oxnard, Riverside, Sacramento, Salinas, San Diego, San Jose, San Luis, Santa Ana, Santa Barbara, Santa Cruz, Santa Rosa, Vallejo and Visalia.
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